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Deep Dives

Deep Dives
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McGlinchey is pleased to present “Deep Dive” sessions into all things consumer finance. Each series will last 2-3 months, delivering content laser-focused on a certain regulation or topic at the top of your mind, delivered by attorneys across our various teams and spanning our geographic footprint.

From articles and podcast episodes to webinars and client-only, live Q&A sessions, this digestible material will be delivered directly to your inbox, geared towards your busy schedule, and drilled down right to the good stuff. Check out each series below.

Click here to sign up, so you don’t miss an issue.

Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) impacts every aspect of a U.S. consumer’s life. Consumer reports are obtained by lenders, employers, landlords, and even utility companies, impacting the cost of credit and everyday services, as well as the ability to obtain employment or access housing. It is the subject of regular litigation as well as regulatory enforcement action and thus deserves particular attention. If your business currently obtains consumer reports or plans to obtain consumer reports as part of a new venture, how does the FCRA impact your business and what should you be thinking about?

Introduction  |  April 21, 2021

Fair Credit Reporting Act: Policy Check In – Permissible Purpose  |  May 6, 2021

When is it a Firm Offer of Credit?  |  June 17, 2021

Bank Secrecy Act

The Bank Secrecy Act (BSA) is the United States’ most important anti-money laundering (AML) regulation that requires banks, money services businesses, FinTechs, and other financial institutions to assist U.S. government agencies to detect and prevent money laundering. To achieve compliance with BSA/AML, financial institutions must navigate a range of regulatory requirements which focus on reporting, liaising with authorities, and building internal anti-money laundering controls. That process involves important considerations that this series will address, such as:

  • The scope of BSA and whom it applies to
  • Drafting sound BSA/AML policies and procedures
  • BSA, Customer Identification Program (CIP), and Office of Foreign Assets Control (OFAC) for “loan or finance companies”
  • Suspicious Activity Reports (SARs) for marijuana-related businesses

Introduction  |  September 2, 2021

Podcast: BSA, OFAC, KYC, and CIP – What do they mean to me?  |  September 15, 2021

Webinar: 5 Pillars of BSA Policies and Procedures  |  September 16, 2021

DeFi (Decentralized Finance)

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the regulatory environment gives many pause. Many organizations think that because they don’t directly engage in mining cryptocurrency, they are not subject to laws regarding DeFi activity, but there’s much more to it than that. From licensing and vendor management to money transmission and payment rails, where do my obligations begin?

Introduction: Video  |  August 9, 2022

Introduction: Podcast  |  August 22, 2022

Primer: Understanding DeFi: Words Have Meaning, But What Do They Mean?  |  September 8, 2022

Podcast: DeFi and Digital Assets: What do the UCC Amendments Mean for Business Transactions?  |  September 19, 2022

Webinar: When Is Virtual Currency Treated as Currency Under State Law  |  September 30, 2022

Cryptocurrency's impact on BSA/AML and Sanctions programs  |  October 11, 2022

Podcast: DeFi and Tax: How are digital currencies treated by the IRS?  |  October 27, 2022

Podcast: How does DeFi impact insurance, employment, and litigation?  |  November 8, 2022

Podcast: Governing an Algorithm? The DeFi and Crypto Enforcement Landscape   |  November 29, 2022

Webinar: Client-Only Q&A  |  November 30, 2022

Privacy

The world of cybersecurity and privacy have grown exponentially in recent years, both on the federal and state level. A pandemic-driven shift to remote has increased social media interaction and electronic communication, and state and federal governments are increasingly focusing on big data and the use and sharing of consumer information. What does state-level legislation, such as the California Consumer Privacy Act, or the updated Federal Trade Commission (FTC) Safeguards Rule for the Gramm-Leach-Bliley Act mean for the financial services industry? What should the financial services industry be thinking about with regard to data protection, privacy, and security?

Introduction: Video  |  January 27, 2023

Insights

Deep Dive into Consumer Finance

Podcast: Governing an Algorithm? The DeFi and Crypto Enforcement Landscape

November 29, 2022

The regulatory framework for cryptocurrency and DeFi in general is still a little murky. That hasn't stopped regulatory bodies from bringing enforcement actions against players in this space. What's on the horizon when it comes to investigation and enforcement activity in the decentralized finance space?

Deep Dive into Consumer Finance

Podcast: How does DeFi impact insurance, employment, and litigation?

November 8, 2022

You may have heard things about cryptocurrencies and decentralized finance. How are these developments going to impact areas that range from insurance to employment to litigation?

Deep Dive into Consumer Finance

Podcast: DeFi and Tax: How are digital currencies treated by the IRS?

October 27, 2022

yptocurrency has gained in popularity. Many finance companies have begun offering digital loyalty points and rewards. This sounds appealing until it's time to figure out how and when digital currency may be taxed.

Alert

Cryptocurrency’s impact on BSA/AML and Sanctions programs

October 11, 2022

The market for digital assets has exploded in recent years. Digital and virtual currency activities provide great opportunities financially and technologically. However, such currencies can be utilized for illicit activity through exchanges, peer-to-peer exchangers, mixers, and darknet markets, which increase the risk of money laundering and terrorist financing. Financial institutions and other industry players haveMore

Event

Webinar: When Is Virtual Currency Treated as Currency Under State Law

September 30, 2022

Virtual Currency, Digital Currency, or Cryptocurrency: no matter the term used to describe this trending form of monetary value, incorporating it into your business may trigger money services regulatory concerns as well as other regulatory considerations. FinCEN and many individual state regulatory agencies oversee the transmission of non-fiat value to consumers. In addition, a Fintech may have additional regulatory obligations despite partnering with licensed entities to conduct business.

Deep Dive into Consumer Finance

Podcast: DeFi and Digital Assets: What do the UCC Amendments Mean for Business Transactions?

September 19, 2022

Big changes are coming to the UCC, the Uniform Commercial Code, with regard to cryptocurrency and other digital assets. What will that mean to business trans

Deep Dive into Consumer Finance

Understanding DeFi: Words Have Meaning, But What Do They Mean?

September 8, 2022

Perhaps the most challenging (and intimidating) part of Decentralized Finance is understanding all the terms and industry jargon—many of which are new and technical while others are as old as time but commonly misunderstood.

Deep Dive into Consumer Finance

Podcast: A Deep Dive into DeFi, or Decentralized Finance

August 22, 2022

In this episode of "More with McGlinchey," Aaron Kouhoupt and Robert Savoie (Cleveland) discuss the fascinating and vibrant world of decentralized finance, blockchains, virtual and cryptocurrency.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into DeFi Decentralized Finance

August 9, 2022

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the regulatory environment gives many pause.

Deep Dive into Consumer Finance

Podcast: BSA, OFAC, KYC, and CIP – What do they mean to me?

September 15, 2021

The Bank Secrecy Act and parts of the U.S. Patriot Act's OFAC requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a lively debate surrounds which entities are covered by these acts, what the acts stipulate, and what entities must do to comply with them.

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  • Media item: Aaron P. Kouhoupt
    Aaron P. Kouhoupt
    akouhoupt@mcglinchey.comMember

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